All the major economic news from Nigeria in 5 minutes-7/8/2017

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Summary of the top business, economic and political news in Nigeria today.

The management of Skye Bank Plc. is seeking to take over some oil wells belonging to Jide Omokore, a businessman involved in some corruption cases within and outside Nigeria. The bank said Omokore is indebted to it to the tune of about ₦110 billion at an exchange rate of $1/₦315. The loans were said to have been obtained through three companies namely: Atlantic Energy Drilling Concepts (₦56 billion), Cedar Oil and Gas Ltd (₦22.4 billion) and Real Bank Ltd (₦31 billion). Link
OAK Pensions Limited (Pension Fund Administrator)’s profit rose by 76.8 per cent from N130.57m in the 2015 financial period to N230.88m in 2016. The Chairman, OAK Pensions, Dr. Awa Ibraheem, disclosed this in its annual report that he presented during the company’s 11th Annual General Meeting in Lagos. Link
Mutual Benefit Plc. has recorded an increase in its underwriting business. It made N4.2 billion in the 2016 financial year; in 2105, it made N3.6 billion, its Chairman, Akin Ogunbiyi, has said. He broke the news at the company’s 21st Annual General Meeting (AGM) at Premier Hotel, Ibadan, the Oyo State capital. Link
Ericsson says it is offering entrepreneurs an opportunity to be considered for a venture capital investment and technology incubation through its garage global network. Link
Wapic Insurance Plc. has assured its shareholders of better returns. Its Chairman, Aigboje Imoukhuede, stated this at the 58th Annual General Meeting (AGM) in Lagos. According to him, a review of the company’s results for the financial year ended December 2016 showed that Wapic recorded growth across all its business lines, leading to a total revenue of N12.4 billion and gross written premium of N8 billion, which represents an increase of 19 per cent and 13 per cent over the same period in 2015. Link
Wema Bank Plc. has said it might postpone its second tranche N20 billion bond issuance, while monitoring the interest rate regime in the country. Link
Staco Insurance Plc. has grown its shareholders fund from N3.4 billion in 2015 to N3.8 billion in 2016, representing a10.33 per cent increase. The company posted a gross premium of N5.40 billion in 2016 while net premium earned stood at N3.59 billion. It paid N1.99 billion claims in the 2016 operating year, of which a substantial part was paid in dollars. Its Chairman, Prince Samuel Turoti, made this known at the firm’s Annual General Meeting (AGM) in Lagos. Link
The Managing Director and Chief Executive of Cowry Assets Management limited, Johnson Chukwu said that banks have cut back on giving out credit because the present economy of the country does not favour lending. According to him, the high rate of delinquency in loan repayments as well as rising non-performing loans contributed to the banks’ decision to cut back on lending. The average non-performing loans in the banking sector have risen to above 14 % from the 5% regulatory requirement. Link
The Pension Transitional Arrangement Directorate (PTAD) has paid out N7,389,954,164.03 as July pensions to about 237,306 pensioners in federal government agencies under the Defined Benefit Scheme. Link
The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to set up a bank that will address the financial needs of the manufacturing sector. Its President Dr. Udemba Jacobs, said the establishment of a Manufacturing Development Bank (MDB) would cater for the credit needs of the manufacturing sector, lamenting that conventional banks have failed to support the manufacturing sector. Link
The total quantum of electricity on the nation’s power grid crashed by 1,835.6 megawatts within a period of three days. After reaching a peak of 4,282.6MW on August 2, 2017, power generation dropped to as low as 2,447MW on August 5, according to the latest data on the performance of the grid obtained in Abuja on Sunday. Link
The problems facing the power sector require a long-term solution from the Federal Government, and not a short-term solution, Green Elec. President, Marcel Hochet, has said. Link
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said household cooking fuel, Dual Purpose Kerosene (DPK), remains expensive because only the Nigerian National Petroleum Corporation (NNPC) is responsible for its availability. Link
Telecom subscribers who want to swap their subscriber identification module (SIM) cards will need to secure bank approval that will include biometric verification. Link
The NSE All-share index and market capitalisation appreciated by 1.52 per cent and 1.53 per cent to close the week at 37,425.15 and N12.899 trillion respectively. The Financial Services industry dominated in volume terms at the end of last week’s transactions on the trading floor of the Nigerian Stock Exchange (NSE). Link
The nation’s stock of foreign exchange reserves has recorded an upward swing to $31 billion, after declining to a near $30 billion mark two months ago due to market interventions. Link
Notwithstanding a steady expansion across both manufacturing and non-manufacturing sectors as revealed by the latest Purchasing Managers’ Index (PMI), more manufacturers are expected to go off-grid as part of measures to reduce production costs and enhance competitiveness. Link
The Nigerian Content Development and Monitoring Board (NCDMB) has set an ambitious target of 70 per cent growth in local content over the next 10 years. This will enable the country to retain $14 billion from the $20 billion spent yearly in the upstream oil and gas industry. Link
Determined to push enough gas to the power sector to ensure adequate generation of electricity, the Federal Government has laid and commissioned 1,000 kilometres of major gas pipelines with an additional 470km currently in construction phase, while a further 1,400km is intended for construction before the end of this year. Link
The Director-General of the National Identity Management Commission (NIMC), Aliyu Aziz, has warned that Nigerians who are yet to register and obtain the National Identification Number (NIN) issued by the Commission, run the risk of being regarded as a non-Nigerian citizen in the next few years. Link
The National Association of Aircraft Pilots and Engineers, (NAAPE) has threatened to embark on nationwide strike over the non-payment of redundancy benefits to workers that were laid off from Aero Contractors. Link
The African Development Bank (AfDB), has said it will invest $24 billion in agriculture over the next 10 years through its Feed Africa programme. Link
The Bank of Agriculture (BoA) has partnered the National Orientation Agency (NOA) to improve on the rate of loan repayment by farmers under the Anchor Borrowers’ policy. Link
Investment analysts have said that the plan by Julius Berger, JB Plc to veer into the oil and gas business will lead to a change of financial fortune for the company, According to the analysts the move would end the company’s over dependence on construction, especially government contracts, which is not forthcoming due to the recession in the country. Link
A privately-held petroleum exploration and development company Seven Energy Nigeria Limited (SENL) with its headquarters in Lagos, is in sale talks with Savannah Petroleum Plc. But even if the deal sails through, it may be no relief for its creditors, including Ecobank Plc. Link
Nigerian small farm holders will have to source for more high interest loans from privately owned financial institutions following a consistent decline in loans disbursed under the Agricultural Credit Guarantee Scheme Fund (ACGSF). Link
The instability in electricity supply from the national grid has continued to make businesses to look inwards through independent power generation. According to the survey conducted by the Manufacturers Association of Nigeria, expenditure on self-generated energy in the manufacturing sector increased from N58.82bn in 2015 to N129.95 in 2016. Link
The Central Bank of Nigeria says from January 1, customers of microfinance banks and other financial institutions (OFIs) without the bank verification number (BVN) will be unable to make withdrawals from their accounts. In a statement on Friday, the apex bank announced an extension in the deadline for the verification, which was initially set for July 31. Link
The Central Bank of Nigeria (CBN) has disclosed that a sum of N57.35 billion ($187.7million) was spent by the federal government on debt services/payments between January and June of 2017. Link
Central Bank of Nigeria (CBN) has extended the deadline for registration into the Bank Verification Number (BVN) project for Other Financial Institutions (OFIs) to December 31, 2017. Link
The Central Bank of Nigeria has said banks and other electronic payment service providers must navigate the evolving and increasing complex regulatory environment to avoid penalty. The Director, Banking and Payments System Department, CBN, Mr. ‘Dipo Fatokun, described fraud as the biggest challenge facing the electronic payment sector, stressing the need for banks, customers and regulators to tackle it. Link
The Federal Government is proposing to raise the non-oil’s Gross Domestic Product growth rate for 2018 to N104.65tn from N99.79tn budgeted in 2017, which is an increase of N4.8tn.The proposal is contained in the draft of 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy of the Federal Government. Link
The Federal Government has offered for subscription two-year and three-year Savings Bonds to investors at 13.535 per cent and 14.535 per cent, respectively from today Monday, August 7 to Friday, August 11, 2017. Link
The House of Representatives is spending N6.1 billion on procurement of 360 Peugeot 508 for its members. At a unit price of about N17 million, the leadership of the House said no members would get more than a car, including the principal officers. Link
Nigeria is set to join the league of compliant nations to begin the implementation of the Extended Producer Responsibility (EPR) Policy as the nation commence the implementation of the policy to be overseen by National Environmental Standard & Regulations Enforcement Agency(NESREA). Link
University of Hamburg (UKE), Germany will partner with the proposed Thompson & Grace Medical University (TGMU) in Uyo, following the signing of a Memorandum of Understanding (MoU) to “design and operate the medical facilities”. Link
Kwara state Governor Abdulfatah Ahmed has said his administration has spent about N2.25 billion to strengthen the capacity of small and medium enterprises (SMEs) in the state. He added that in view of his commitment to developing SMES, he earmarks a sum of N500 million yearly towards the scheme. Link
The Lagos State government may seize under-valued properties allegedly sold illegally and prosecute defaulters. Link